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Second board ready: mayor
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SHENZHEN is well prepared for the much-heralded Nasdaq-style second board, although top regulators still have not indicated when they will give the final go-ahead, Mayor Yu Youjun said.
“We have already got everything done currently for the preparatory works of the launch of the second board, and we are only waiting for the final green light from the Central Government," said Yu, who was attending the World Economic Forum China Business Summit.
Anthony Noeh, chief advisor of the China Securities Regulatory Commission, said earlier in an interview, that the second board could kick off in September.
“The city has done a series of trial works and tests on the systems and equipment based on the new rules which are quite different from the operation of the main board," said Wang Suiming, vice-mayor of the city.
She disclosed that there are about 20 strong Shenzhen-based high-tech enterprises queuing up for the planned listing on the board.
Speaking at the summit, Vice-Premier Wu Bangguo said the board will be launched soon but did not specify the exact timetable.
Wang said that the bearish performance of the Nasdaq market is one of the key factors that pose a negative impact over Beijing's decision on when to launch the market that is designed to finance the growth of China's fledgling high-tech start-ups and fast-growing enterprises.
Another reason for the delay of the market is top authorities' worries over possible wrongdoings witnessed in the A-share market, said Wang, referring to speculation and internal illegal tradings. (SD-Agencies)
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